A Study On Exit Manner Of Private Equity Investment In China

With the rapid development of China’s economy, private equity funds in its rapid development momentum become as one of the most active force in the capital market. PE as an important source of financing for enterprises, can not only provides the funds required, but also provides the enterprise long-term development related services,is the indispensable factor of the capital market in China. The PE operation is divided into three stages: financing, investing, exiting, as the organic unity of the whole, constitute the whole process of PE operation. The enterprises to exit the stage is the priority among priorities, it is not only related to obtain investment returns, but also the sources of funds for investment, the sustainable development of the relationship between the success and failure of the investment for PE. Therefore, the research on the exit of PE is very important, and the selection of the exit ways to a certain extent determines the success or failure for reasonable, exit path relationship with PE can be achieved smoothly exit.Through the comparative analysis of PE with different exit ways, obtains the different circumstances of the optimal exit path selection, validation and then use case demonstrates. At the same time, with the development of China’s new sanban market, introduces the new PE exit path, which has practical guiding significance. Firstly, this paper carries on the analysis to the related theory of PE exit, focuses on the theory of value investment, at the same time, the exit mechanism of PE operation process and exit stage analysis, lay a solid theoretical foundation for the following research and analysis. Secondly, it introduces five main exit path and compare their advantages and disadvantages, combined with the new third market expansion, compared the advantages of the unique market, and analyzes the influence on the PE exit, provides a new path to exit, widen the exit channels. Then, combining the current situation of Chinese PE market development, indicating that China’s PE investment and exit way development data and chart analysis, theory and practice, is more persuasive. With the analysis of China’s current PE exit problems: the relevant laws and regulations system is not perfect, the structure of the capital market development is not perfect, and the single exit path of professional organizations, such as shortage of talent. Again, with the advantages and disadvantages of the Alibaba listed exit way of case analysis of the actual situation in the selection and the use of IPO from Softbank ChinaSoftBank China Venture Capital, and analysis of current PE exit problems deeply from theoretical analysis, and in front of the echoes, has practical guiding significance. Finally, combined with the previous analysis and practice of the problem, from the perfection of relevant regulations, the construction of multi-level capital market, promoting a variety exit and cultivate professional organizations, personnel and other aspects, put forward specific policy suggestions to perfect our country PE out of the way, to promote China’s rapid development of PE. On the basis of summing up, draw conclusion of this paper.